Demolition (Wet: Softer+ / Dry: Softer+)
Poor sentiment continued to take its toll on the marketespecially as rumors started to circulate of potential
closure on the 12th of October. Bangladesh
With so many dry units circulating the market, it was the dry sector that felt the brunt of the price drop while at the same time prices for tankers held slightly more stable.
With such a big price drop noted the past two weeks it was inevitable that a lot of deals would fall through. At the same time the significant number of very large vessels which have headed to the breakers yards this past month has meant that breakers already have a lot on their plate and are not so active as they were at the end of the summer.
Demo prices fell considerably for yet another week, with Wet tonnages not at levels of around 450-525$/ldt, while dry tonnages fell to about 430 - 500$/ldt.
Most notable this weewas the price paid by Pakistani breakers for the MR tanker ‘Jag Pari’ (29,139 dwt – 8,775ldt-blt 82) which reportedly went for a firm price of $ 540/Ldt basis delivery ‘as is’
including 300T of
IFO and 50T of MGO remaining on board. Colombo
Source: Hellenic Shipping News (Sourced from Intermodal Shipbrokers Co, www.intermodal.gr). 4 October 2011